The Pros and Cons of Estate Living
Category Advice
Estate living has grown dramatically within recent years, with new estates developing at a rapid pace in numerous provinces of South Africa. Living within a gated estate has become a popular choice for many South Africans as it comes with a multitude of perks. However, it is crucial to weigh out the pros and cons before investing in a property within an estate or complex.
Pros:
Safety
The threat of crime is driving South Africans into gated estates as most gated estates boast a variety of security measures. Most gated estates typically come with 24 hour security guards, boom gates and camera surveillance. The estates are typically heavily monitored with visitors and guests signing in and out in order to enter and exit the estate. More so, the body corporates are able to erect speed bumps and enforce lower than usual speed limits for residents safety, especially for pets and children.
Higher Property Value
The added safety benefits of estate living, such as gates and security guards, provides the perception that estate living is a more secure and private lifestyle. In affluent neighbourhoods, privacy can equate to exclusivity and thus increase the property values. Automatic gate systems or private security access boosts the property value of homes within an estate, regardless of whether or not it actually impacts the crime in that particular area.
Shared Costs
There are several items which some property owners might be unable to afford at an individual level, such as community parks and children’s play areas, however pooling resources and option for a communal living can solve this issue and ensure that certain items become accessible to them. A great example of this is a community pool, many homes cannot afford the upkeep and maintenance of a pool, however a community pool reduces this cost while still providing access to this benefit.
Cons:
Community Rules
By choosing to live in a gated estate, you choose to live within a community which is governed by its own set of rules and regulations. This provides the homeowner with less freedom than if he/she lived in a freehold house within a neighbourhood instead. Rules can vary between having an expected look for your property, to no pets, noises and whether you are allowed to run a business from your home or not.
Extra Costs
Certain luxuries come at a price and levies covering communal water, rates, taxes, security and community employees often works out higher than the individual costs associated with living in a freestanding home, devoid of these particular luxuries.
Property Repairs
The municipality may deem the road infrastructure within the gated estate as private property, which means that the onus is on the residents for maintenance and repairs such as: potholes. This can vary between different estates but these costs are often charged above the rates and taxes already collected for maintenance in the area and prospective buyers need to be wary of these situations.
Prospective buyers looking to invest in property within a gated estate need to carefully research and consider the benefits and downfalls of each estate that they are interested in as the rules and benefits can vary between each estate. By understanding and educating themselves about these considerations, buyers are therefore able to make an informed decision and avoid possible stress further down the road.
Author: Dormehl Property Group
